The European Commission has released revised proposals for the ‘VAT in the Digital Age’ (ViDA) reform, which will be discussed by the Economic and Financial Affairs Council (ECOFIN) on May 14, 2024. If there...
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E-Invoicing & E-Reporting developments in the news in week 19/2024 – It’s all about ViDA
Follow the latest updates on E-Invoicing and Real Time Reporting on www.vatupdate.com and the LinkedIn pages on E-Invoicing/Real Time Reporting and ViDA. EU Member States are working towards reaching an agreement on the...
4 months ago
Four Tips to Ensure Your EDI Integration Project is a Success
Integrating EDI capability in ERP systems is crucial for supply chain organizations, but ensuring the success of an EDI integration project is challenging. Many businesses struggle to select the right solution, often...
4 months ago
Updated ViDA Proposal by EU
The European Commission has proposed a draft directive (ViDA) for approval at the Ecofin meeting on May 14, 2024 The proposal includes measures for the digital economy and short-term rentals Challenges in applying VAT...
4 months ago
E-VAT Rollout Progressing as Planned, Expected to Boost Revenue Collection
Ghana Revenue Authority (GRA) says E-VAT rollout progressing as planned Successful pilot phase completed with 50 taxpayers During pilot phase, VAT revenue grew by over 58% Efficiency of electronic VAT invoicing...
4 months ago
Singapore 2025 E-Invoicing Mandate Timeline: IRAS Implements InvoiceNow for GST-Registered Businesses
IRAS announced phased implementation of e-invoicing via InvoiceNow Based on international Peppol standard for structured digital format GST-registered businesses required to transmit invoice data directly to IRAS...
4 months ago
Singapore and New Zealand Prime Ministers Sign eInvoicing Agreement for Business Collaboration
MoA on eInvoicing signed by Prime Ministers of Singapore and New Zealand Commitment to collaborate on promoting adoption of eInvoicing by businesses Aim to establish infrastructure and raise awareness for eInvoicing...
4 months ago
LHDN Launches New E-Invoice SDK for Malaysia’s E-Invoicing Mandate
LHDN in Malaysia has launched a new version of e-invoice software development kit (SDK) The SDK provides tools, libraries, and resources for integrating existing systems into the MyInvois system A FAQ is included in the...
4 months ago
Accounting Act in Estonia is in the Parliament
Estonia’s government has approved changes to e-invoicing regulations, allowing for mandatory e-invoicing starting in January 2025. Taxpayers registered as e-invoicing recipients in the Estonian e-business register...
4 months ago
B2B Electronic Invoicing in France
France is progressing with its new electronic taxation system for private companies, establishing the legal and technical framework for mandatory electronic invoicing between private companies (B2B) and e-Reporting. The...
4 months ago
Electronic Invoicing in the United States: Interoperable Exchange Network
After the sixth ministerial meeting of the Council for Trade and Technology, the US and the EU released a joint statement focusing on boosting the interoperability of electronic invoicing between their territories...
4 months ago
Innovate Tax unveils revolutionary tax data management suite TaxMaster™
Innovate Tax launches TaxMaster™, a unique master data cleansing service for enterprise IT and tax teams to drive global compliance in the era of tax digitalisation. TaxMaster™ incorporates a three-stage process to...
4 months ago
SAP DRC v third-party solutions vs in-house development: What should your business use for e-invoicing?
E-invoicing, also known as electronic invoicing, is the exchange of digital documents between suppliers and buyers in a structured data format. It enables automatic and electronic processing, leading to faster and more...
4 months ago
New draft of EU VAT reform (VAT in the Digital Age (ViDA))
The European Commission published an updated draft of the “Value Added Tax (VAT) in the Digital Age (ViDA)” package, which aims to amend EU VAT rules in three key areas. The proposed changes include...
4 months ago
ViDA – Changes to the EU VAT Directive 2006/112 – Old vs. New articles
Overview of the old vs. new articles of the EU VAT Directive 2006/112/EC that would be amended. File ViDA Old vs new articles See also E-Invoicing/Real Time Reporting – What can you find on VATupdate.com Worldwide...
4 months ago
VAT in the Digital Age (ViDA) draft texts – Principles for Single EU VAT Registration
Revised ViDA drafts for approval on the Ecofin meeting on May 14, 2024 published What is in the ViDA proposal for the SINGLE EU VAT REGISTRATION AND IMPORT ONE STOP SHOP (IOSS) Council Directives (EU) 2017/24552 and...
4 months ago
VAT in the Digital Age (ViDA) draft texts – Principles for the Platform Economy
Revised ViDA drafts for approval on the Ecofin meeting on May 14, 2024 published What is in the ViDA proposal for the PLATFORM ECONOMY Platform economy poses challenges for VAT application, leading to competition...
4 months ago
VAT in the Digital Age (ViDA) draft texts – Principles for Digital Reporting Requirements
Revised ViDA drafts for approval on the Ecofin meeting on May 14, 2024 published What is in the ViDA proposal for DIGITAL REPORTING REQUIREMENTS The use of electronic invoicing should become the default system for...
4 months ago
Implementation of E-VAT System by Ghana Revenue Authority
Ghana Revenue Authority clarifies implementation of Electronic Value Added Tax (E-VAT) system E-VAT system rollout being conducted in phased approach Successful pilot phase completed with 50 taxpayers VAT revenue grew...
4 months ago
Treasury Under Fire for MDAs’ Failure to Adopt eTIMS for Invoicing
The Treasury is under scrutiny for the failure of MDAs to onboard their services on the eTIMS The National Assembly’s Finance and National Planning Committee will question Treasury Cabinet Secretary Njuguna...
4 months ago
Sejm adopts amendment to KSeF regulations – What will change?
Sejm passed a amendment to the regulations on KSeF The obligation to send structured invoices will be moved from July 1, 2024 to February 1, 2026 The Ministry of Finance plans a two-stage implementation of the National...
4 months ago
Poland E-Invoice Implementation Update: Mandatory KSeF Launch in Early 2026 with New Regulations
Polish Ministry of Finance has confirmed the early 2026 launch of mandatory KSeF e-invoicing Large taxpayers will start on 1 Feb 2026, while other taxpayers will start on 1 Apr 2026 Two Amendments to the VAT Act are...
4 months ago
Delay in Implementation of KSeF Due to Economic Paralysis Concerns
The introduction of the National e-Invoice System (KSeF) has been delayed due to concerns about economic paralysis A bill to postpone the implementation of KSeF to February 1, 2026 was approved by the Public Finance...
4 months ago
European Commission publishes Management plan 2024 – Taxation and Customs Union
Within the ambition to have a carbon neutral continent by 2050, DG TAXUD will continue the dialogue with stakeholders to prepare the definitive implementation of the Carbon Border Adjustment Mechanism (CBAM) as from...
4 months ago
Kenya gazettes Tax Procedures (Electronic Tax Invoice) Regulations, 2024
Kenya Cabinet Secretary for the National Treasury has revoked the Electronic Tax Invoicing Regulations 2023 and issued Electronic Tax Invoice Regulations, 2024. The Electronic Tax Invoice Regulations, in part, provide...
4 months ago
FASTER and ViDA on the agenda of the Ecofin Council on May 14, 2024
The Ecofin Council will discuss the “FASTER” directive on faster and safer reductions in excess withholding tax, aiming to reach a political agreement. The implementation dates for all three parts of the...
4 months ago
Germany Introduces Countrywide eInvoicing Mandate Starting in 2025
Germany is implementing mandatory eInvoicing for business transactions, with the official rollout set to begin on 1 January 2025. From this date, businesses must be ready to receive structured electronic invoices...
4 months ago
Non-compliance with e-VAT system drains Ghana’s economy
Many retail outlets in Ghana are not complying with the e-VAT invoicing system Companies are denying the state millions of Ghana cedis monthly by not integrating their billing system with the GRA designated system A...
4 months ago
